Samsung SDS headquarters in Songpa District, Seoul / Courtesy of Samsung SDS
Three Samsung affiliates are making a sweeping move into digital assets, betting that stablecoins, blockchain finance and crypto-linked payments could reshape Korea’s financial industry faster than many expected.
Samsung Securities, Samsung SDS and Samsung Card said Thursday that they had agreed to acquire a combined 4 percent stake in Dunamu, the operator of Korea’s largest cryptocurrency exchange, Upbit.
The companies said they will purchase 1.39 million shares from a Kakao affiliate for 612.8 billion won ($408 million).
Samsung Securities will acquire a 2 percent stake, while Samsung SDS and Samsung Card will each take 1 percent.
The companies said the investment is intended to create new business opportunities tied to digital assets as the sector expands beyond cryptocurrency trading into payments, tokenized securities and blockchain-based financial services.
Samsung Securities said it plans to strengthen cooperation with Dunamu in token securities issuance and distribution, as well as virtual asset services.
Samsung SDS said it will combine its expertise in artificial intelligence (AI), cloud computing, cybersecurity and data management with Dunamu’s blockchain operational capabilities to strengthen its blockchain software competitiveness.
The IT services company added that it plans to expand next-generation digital finance infrastructure services for domestic financial institutions.
Samsung Card said it aims to cooperate with Dunamu on building a payment ecosystem using digital assets, including possible integration with Monimo, Samsung Financial Networks’ unified financial platform, if won-based stablecoins are introduced in Korea.
Source: Korea Times News
